The video OTT platform bats for self regulation of content.
US-based video streaming platform is looking to turn India into a content export hub, Reed Hastings, founder and CEO, Netflix, said at a gathering in New Delhi. The company has spent about Rs 3,000 crore on content plans to copy the UK model. “Indian content is to be shared around the world. For example, series such as Mighty Little Bhim is watched around the world in countries such as Brazil, Canada, among others. UK exports tremendous amount of content, premium series,” Hastings added. As per him, currently the larger exporter of content includes the US, UK, Brazil, Spain, and India.
According to Hastings, despite the huge competition in the OTT space, Netflix will refrain from following an advertising-based business model. “The flexibility offered by subscription-based model is powerful. No ads makes a strong model, with the focus being on simply enhancing consumer experience,” Hastings noted.
Further talking about regulation in OTT space, Hastings added that one of the reasons behind the growth is that the Indian government hasn’t imposed broadcast standards. “Broadcast is pushed into your home with no choice but Internet allows you to have choice, including parental control for children. Self-regulation is the model for OTTs,” he said, adding that however one cannot take freedom for granted. He further said that advertising mod is good for players such as The Walt Disney India company backed Hotstar and Google’s YouTube.
As per Hastings, the OTT platform currently competes with a host of players including linear TV. “YouTube is the second-largest competitor followed by Disney, Amazon, Viacom and video gaming platforms among others,” he said. Netflix claims to have a subscriber base of 160 million around the world.
He further added that as part of its investment plans Netflix is also focusing on creating regional content in Tamil and Telugu.